Make a summary of the text

Use the active vocabulary.

^ E Grammar notes

Participles as Conjunctions and Prepositions

§ 1. Participles as conjunctions. The following participles can be used as conjunctions to introduce adverbial clauses of condition, concession and reason: provided/providing, granted/granting (при условии, принимая во внимание), supposing, assuming (если, допустим, предположим, что), seeing + (that) (поскольку, принимая во внимание, учитывая, ввиду того что).

Е.              g.: You can get a loan provided you have high salary.

§ 2. Participles as prepositions. The following participles can be used as prepositions: given (при наличии, если учесть), failing (при отсутствии), regarding, considering, respecting (относительно), pending (до, в ожидании), following (вслед за), barring (кроме, за исключением).

Е.              g.: Given favourable conditions our bank can enter the world market.

The 4ng\' Form

§ 1. The two functions of the ‘-mg’ form. Gerunds and present participles are formed from verbs and always end in -ing. Therefore words like playing, writing, etc. can function as gerunds or as participles. The -mg form is usually called a gerund when it behaves like a noun, and a participle when it behaves like an adjective. In this unit we will consider the -ing form as present participle. (For gerund see Unit “Monetary and Fiscal Policy.”)

§ 2. The use of present participle:

• as adjectives: Existing mlebook, banking system, sweeping changes;
• to form the continuous tenses: A further €200m would be written off against the private equity portfolio, which is currently running down, including € 100 m for goodwill impairment. For the past five years, the

world’s financial regulators have been working on a new set of rules for bank capital, called Basel 2\\

• ‘have’ + object + present participle: We will have a new branch operating in June.
  All banks had people withdrawing their money after the crisis. I won’t have them taking this loan;
• a present participle can sometimes replace a relative pronoun + verb: People who wish to open accounts = people wishing to open account;
• Present participles/participle phrases such as adding/pointing out/reminding/warning can introduce statements in indirect speech: The bank employee told me to fill in the form, reminding that a minimum deposit should be $ 250;
• verbs of sensation ‘see’, ‘hear’, ‘feel’, ‘smell’, ‘perceive’ and the verbs ‘listen to’, ‘notice’, ‘observe’ and ‘watch’ can be followed by object + present participle: The bank manager watched his employees doing their job properly;
• ‘catch/fmd/leave/keep’ + object + present participle: He caught them stealing the money from the bank;
• ‘go/come/spend/waste/be busy’. ‘Go’ and ‘come’ can be followed by the participles of verbs of physical activity (set expressions: e. g., the verb shop): He goes swimming every day. I am going shopping today. ‘Spend/waste’ + an expression of time or money + present participle: She spent a lot of money buying her clothes. He was busy writing a report.

§ 3. A present participle phrase replacing a main clause:

• when two actions by the same subject occur simultaneously it is usually possible to express one of them by a present participle. He answered the questions. He presented the evidence. = He answered the questions presenting the evidence;
• when one action is immediately followed by another by the same subject the first action can often be expressed by a present participle. The participle must be placed first: He cashed the cheque and paid all his debts. = Cashing the cheque he paid all his debts;
• when the second action forms part of the first, or is a result of it we can express the second action by a present participle: She took a loan, buying a car.

§ 4. A present participle phrase replacing a subordinate clause:

• these constructions are chiefly found in written English.
  The present participle can replace ‘as/since/because’ + subject + verb, i. e., it

can help to explain the action which follows: Knowing (As he knew) he wouldn’t he able to find a bank on his joumey he cashed his cheque;

• note that ‘being’ at the beginning of a sentence will normally mean ‘as he is/as he was’: Being a student he was interested in foreign languages;
• the subject of the participle need not be the same as the subject of the following verb: The day being fine, we decided to go the countiy.

§ 5. The perfect participle (active):

• ‘having’ + past participle: e. g., having written;
• the perfect participle emphasizes that the first action is complete before the second one starts, but is not normally necessary in combinations of this kind, except when the use of the present participle might lead to confusion. Reading the instructions, he snatched up the fire extinguisher might give the impression that the two actions were simultaneous. Here, therefore, the perfect participle would be better: Having read the instructions, he snatched up the fire extinguisher.

6. l. Translate the following sentences into Russian paying attention to the participles.

1. Provided banks carry more risks more capital should match these risks.
2. Assuming the rules are due to be applied in January 2007 bank capital rules must be practically set in stone by May 2003.
3. The study suggests that the complex new risk weightings will produce appropriate levels of capital for most of the world banks granted they are applied to different types of asset.
4. Granted, the Federal Reserve has always said that it would apply Basel 2 only to “internationally active” banks. The surprise is that this means so few.
5. Given that Basel 1 will not be deemed equivalent within the EU after 2006 American banks will not be able to operate in the EU.
6. Does global monetary policy need to be eased? A strange question to ask in the US, given that its economy is currently stretched as tight as a drum.
7. Members of the European Parliament (MEPs) might also try to reshape the new rules following the attempt of American congressmen.
8. Today’s inflation report from the Bank of England shows that following the Governments tough action to get the economy back on the track, growth is set to strengthen through next year with inflation falling to its 2.5 per cent target.

6. 2.
   Make up your own sentences using: provided, granted, assuming, given, following, etc.

6. 3. Identify all the ‘-ing’ forms in the text “Recent Developments in Money and Banking” and translate the sentences into Russian.

6. 4. Choose a verb from the box to complete the spaces in the article.

including              underlying              encouraging              running

happening              loss-making

Deutsche Bank Sees Signs of an Upturn

Patrick Jenkins in Frankfurt and Phil Davis, «Financial Times»

Deutsche Bank on Wednesday said it had seen “(1)... signs” of a turn- round of markets, as it reported a first-quarter loss.

The €219 m ($ 244 m) net loss had been widely expected after the German bank warned earlier this week of E 1.2 bn in writedowns on its equity portfolio.

The loss, for the period to March 31, compares with a profit of € 597 m in the same period last year.

But Deutsche said (2) ... pre-tax profits were up 72 per cent to €950 m, mainly driven by high bond issuance income — a performance that echoed recent first quarter results from the big US banks.

In addition, a programme of cost-cutting had reduced headcount by

0. to 71,000 in little over a year.

Josef Ackermann, chairman, said: “In view of our strongly reduced cost base and improved risk profile, we are well prepared to profit quickly and comprehensively from a market turnround. We are already seeing the first (3)... signs of this (4)....”

Of the writedowns, € 500 m related to Gerling, the (5)... insurer in which Deutsche has a 34.5 per cent stake.

On Tuesday Deutsche and Swiss Re said they would pump a combined € 180 m into the embattled group.

Aside from Gerling, Deutsche said it would make net writedowns of € 400 m against other investments (6)... its stakes in Fiat, the (7)... Italian industrial group; EFG Eurobank in Greece; and Germany’s MG Technologies.

A further € 200 m would be written off against the private equity portfolio, which is currently (8) ... down, (9) ... €100m for goodwill impairment.

The charges were partially offset by € 503 m in asset sales, notably that of Deutsche’s custody business.